Working Papers

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2022/6: Meeting Investor Outflows in Czech Bond and Equity Funds: Horizontal or Vertical?

Milan Szabo

2022/5: Nowcasting Macroeconomic Variables Using High-Frequency Fiscal Data

Robert Ambrisko

2022/4: Monetary Policy and the Financial Cycle: International Evidence

Jaromir Baxa and Jan Žáček

2022/3: Cooling the Mortgage Loan Market: The Effect of Recommended Borrower-Based Limits on New Mortgage Lending

Martin Hodula, Milan Szabo, Lukas Pfeifer and Martin Melecký

2022/2: Application of Quantum Computers in Foreign Exchange Reserves Management

Martin Vesely

2022/1: Price Level Targeting with Imperfect Rationality: A Heuristic Approach

Vojtech Molnar

2021/10: Does Sentiment Affect Stock Returns? A Meta-analysis Across Survey-based Measures

Zuzana Gric, Josef Bajzik and Ondrej Badura

2021/9: Non-linear Effects of Market Concentration on the Underwriting Profitability of the Non-life Insurance Sector in Europe

Jan Janku and Ondrej Badura

2021/8: A Tale of Different Capital Ratios: How to Correctly Assess the Impact of Capital Regulation on Lending

Simona Malovana, Martin Hodula, Josef Bajzik and Zuzana Gric

2021/7: Learning and Cross-Country Correlations in a Multi-Country DSGE Model

Volha Audzei

2021/6: Monetary Policy Spillover to Small Open Economies: Is the Transmission Different under Low Interest Rates?

Jin Cao, Valeriya Dinger, Tomas Gomez, Zuzana Gric, Martin Hodula, Alejandro Jara, Ragnar Juelsrud, Karolis Liaudinskas, Simona Malovana and Yaz Terajima

2021/5: Does Macroprudential Policy Leak? Evidence from Non-Bank Credit Intermediation in EU Countries

Martin Hodula and Ngoc Anh Ngo

2021/4: The Rushin Index: A Weekly Indicator of Czech Economic Activity

Tomas Adam, Ondrej Michalek, Ales Michl and Eva Slezakova

2021/3: Holding the Economy by the Tail: Analysis of Short- and Long-run Macroeconomic Risks

Michal Franta and Jan Libich

2021/2: The Effects of Minimum Wage Increases in the Czech Republic

Jakub Grossmann

2021/1: Deriving Equity Risk Premium Using Dividend Futures

Martin Časta

2020/15: How Bad Are Trade Wars? Evidence from Tariffs

Petr Polak, Nikol Polakova and Anna Tlusta

2020/14: The Effect of Monetary Policy on House Prices - How Strong is the Transmission?

Dominika Ehrenbergerova and Josef Bajzik

2020/13: Composite Survey Sentiment as a Predictor of Future Market Returns: Evidence for German Equity Indices

Zuzana Rakovska

2020/12: A Top-down Stress-testing Framework for the Nonfinancial Corporate Sector

Vojtech Siuda

2020/11: Estimating Commercial Property Price Misalignment in the CEE Countries

Hana Hejlova, Michal Hlaváček and Blanka Vackova

2020/10: The Power of Sentiment: Irrational Beliefs of Households and Consumer Loan Dynamics

Zuzana Rakovska, Dominika Ehrenbergerova and Martin Hodula

2020/9: The Intertemporal Cost of Living and Dynamic Inflation: The Case of the Czech Republic

Ivan Sutoris

2020/8: On the Determinants of Life and Non-Life Insurance Premiums

Martin Hodula, Jan Janku, Martin Časta and Adam Kučera

2020/7: The g3+ Model: An Upgrade of the Czech National Bank's Core Forecasting Framework

František Brázdik, Tibor Hledik, Zuzana Humplova, Iva Martonosi, Karel Musil, Jakub Rysanek, Tomáš Šestořád, Jaromir Tonner, Stanislav Tvrz and Jan Žáček

2020/6: A Model of the Euro Area, China and the United States: Trade Links and Trade Wars

Volha Audzei and Jan Bruha

2020/5: Does Capital-Based Regulation Affect Bank Pricing Policy?

Dominika Ehrenbergerova, Martin Hodula and Zuzana Rakovska

2020/4: Sovereign Capital, External Balance, and the Investment-Based Balassa-Samuelson Effect in a Global Dynamic Equilibrium

Alexis Derviz

2020/3: Growth-at-Risk: Bayesian Approach

Milan Szabo

2020/2: Finance, Growth and (Macro)Prudential Policy: European Evidence

Martin Hodula and Ngoc Anh Ngo

2020/1: Dynamics of Czech Inflation: The Role of the Trend and the Cycle

Michal Franta and Ivan Sutoris

2019/12: The Elasticity of Substitution between Domestic and Foreign Goods: A Quantitative Survey

Josef Bajzik, Tomas Havranek, Zuzana Irsova and Jiří Schwarz

2019/11: Too Much of a Good Thing? Households' Macroeconomic Conditions and Credit Dynamics

Martin Hodula, Simona Malovana and Jan Frait

2019/10: Introducing a New Index of Households' Macroeconomic Conditions

Martin Hodula, Simona Malovana and Jan Frait

2019/9: How to Improve the Model Selection Procedure in a Stress-testing Framework

Jiri Panos and Petr Polak

2019/8: Death to the Cobb-Douglas Production Function? A Quantitative Survey of the Capital-Labor Substitution Elasticity

Sebastian Gechert, Tomas Havranek, Zuzana Irsova and Dominika Ehrenbergerova

2019/7: Coexistence of Physical and Crypto Assets in a Stochastic Endogenous Growth Model

Alexis Derviz

2019/6: Introducing Macro-Financial Variables into a Semi-Structural Model

Dominika Ehrenbergerova and Simona Malovana

2019/5: Monetary Policy and Shadow Banking: Trapped between a Rock and a Hard Place

Martin Hodula

2019/4: Banks' Credit Losses and Provisioning over the Business Cycle: Implications for IFRS 9

Simona Malovana and Zaneta Tesarova

2019/3: Monetary Policy Is Not Always Systematic and Data-Driven: Evidence from the Yield Curve

Ales Bulir and Jan Vlcek

2019/2: The Effect of Higher Capital Requirements on Bank Lending: The Capital Surplus Matters

Dominika Kolcunová and Simona Malovana

2019/1: The Czech Exchange Rate Floor: Depreciation without Inflation?

Jaromir Baxa and Tomáš Šestořád

2018/19: Independent Monetary Policy Versus a Common Currency: A Macroeconomic Analysis for the Czech Republic Through the Lens of an Applied DSGE Model

Jan Bruha and Jaromir Tonner

2018/18: Assessing the External Demand of the Czech Economy: Nowcasting Foreign GDP Using Bridge Equations

Tomas Adam and Filip Novotný

2018/17: Labour Market Flows over the Business Cycle: The Role of the Participation Margin

Kamil Galuscak, Jan Šolc and Paweł Strzelecki

2018/16: Off the Radar: Exploring the Rise of Shadow Banking in the EU

Martin Hodula

2018/15: The Leverage Ratio and Its Impact on Capital Regulation

Lukáš Pfeifer, Martin Hodula, Libor Holub and Zdeněk Pikhart

2018/14: What Influences Private Investment? The Case of the Czech Republic

Martin Gurtler

2018/13: How Do Large Banking Groups Manage the Efficiency of Their Subsidiaries? Evidence from CEE

Václav Hausenblas and Jitka Lesanovska